LONDON: Spotify said on Monday it would increase monthly price of its premium individual subscription in select markets from September, including the Middle East, as the Swedish streaming giant looks to improve margins.
The company’s shares jumped nearly 8 percent. They have gained about 40 percent so far this year.
As well as the Middle East, the subscription price will rise to 11.99 euros ($13.86) per month from 10.99 euros in markets including South Asia, Africa, Europe, Latin America and the Asia-Pacific region.
Spotify said subscribers will receive an email explaining the price rise over the next month.
Price increases in the past, combined with cost-cutting efforts in recent years, have helped it to achieve its first annual profit for 2024.
